Additions
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 06/1998 |  | Paul Kinnaird | FW |  | Stranraer FC | Stranraer FC |
| 05/1998 |  | Baldur Bragason | MF |  | Panachaiki GE | Panachaiki GE |
| 04/1998 |  | John Nielsen | MF |  | Southend United | Southend United |
| 02/1998 | | Auðun Helgason | DF |  | Neuchâtel Xamax FCS | Xamax |
| 01/1998 |  | Jens Martin Knudsen | GK |  | GÍ Gøta | GÍ |
| 01/1998 | | Páll Viðar Gíslason | DF |  | Þór Akureyri | Þór |
| 01/1998 | | Páll Guðmundsson | DF | |||
| 01/1998 | | Steinn Gunnarsson | DF |  | KA Akureyri | KA |
| 01/1998 |  | Peter Ogaba | DF |  | Desportivo Beja | Desportivo Beja |
| 01/1998 | | Kári Reynisson | MF |  | ÍA Akranes | ÍA Akranes |
| 01/1998 | | Uni Arge | FW |  | HB Tórshavn | HB |
| 01/1998 | | Heiðar Gunnólfsson | FW | |||
| 01/1998 | | Steinar Ingimundarson | FW |  | Fjölnir Reykjavík | Fjölnir |
| 01/1998 |  | Rastislav Lazorik | FW |  | 1. FC Tatran Prešov | Tatran Prešov |
| 01/1998 | | Páll Guðlaugsson | MA | | GÍ Gøta | GÍ |
Departures
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 05/1998 | | Matthías Sigvaldason | DF |  | Dalvík/Reynir | Dalvík/Reynir |
| 04/1998 | | Auðun Helgason | DF |  | Viking FK | Viking |
| 01/1998 | | Þorvaldur Sigbjörnsson | FW |  | Östers IF | Östers IF |
| 01/1998 | | Izudin Dervić | DF |  | Þróttur Reykjavík | Þróttur |
| 01/1998 |  | Slobodan Milišic | DF | | ÍA Akranes | ÍA Akranes |
| 01/1998 | | Baldur Bragason | MF | | Panachaiki GE | Panachaiki GE |
| 01/1998 | | Pétur Jónsson | MF |  | Hammarby IF | Hammarby |
| 01/1998 | | Hörður Már Magnússon | FW |  | Valur Reykjavík | Valur |
| 01/1998 | | Kristinn Björnsson | MA | | Valur Reykjavík | Valur |
| 10/1997 | | Gunnar Már Másson | MF |  | East Fife FC | East Fife |
| 09/1997 | | Rastislav Lazorik | FW | | 1. FC Tatran Prešov | Tatran Prešov |
| 08/1997 | | Arnar Grétarsson | MF |  | AEK Athen | AEK Athen |
| 08/1997 | | Björgvin Magnússon | FW |  | Atlas Delmenhorst | Atlas |